home loan lender
award winning
low rate home loans

Mortgage Refinance Calculator

You could save $84,451 in just 2 hours through refinancing^


Change the information below to see how much you could save

Loan details

Your repayment type:  
Your current loan balance:  
Your current monthly repayments:  
Your current interest rate:    %
Your current exit fees:    
 
     


Option 1:

Keep your monthly repayment the same as with your current lender

Benefit: Pay off your loan sooner therefore save lots on interest
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 5.42% 21 years 6 months $1,975 $207,765
Your current loan 6.23% 25 years 1 month $1,975 $292,717

Your total savings:

$84,451

How much sooner will your loan be paid off?

3 years 8 months




Option 2:

Reduce your current monthly repayments and keep your loan term the same

Benefit: Save on interest and free up cash every month
Lender Interest Rate Loan Term Monthly loan repayments Total interest paid over loan term
MyRate 5.42% 25 years 1 month $1,828 $248,493
Your current loan 6.23% 25 years 1 month $1,975 $292,717

Monthly repayment saving:

$147

Your interest savings:

$43,724



Option 3:

Reduce your monthly repayment even more and extend your loan term

Benefit: Free up even more cash every month
Lender Interest Rate Loan Term Monthly loan repayments
MyRate 5.42% 30 years $1,688
Your current loan 6.23% 25 years 1 month $1,975

Monthly repayment savings:

$287

Note: Taking advantage of option 3 will extend your loan term and will therefore mean that you will pay more in total interest over the life of the loan (assuming that you would pay off your existing loan in less than 30 years)


Refinancing with MyRate:

Your MyRate consultant will handle the refinance from start to finish and communicate with your current lender, saving you the hassle!


^ It takes approximately 2 hours to complete your loan application and gather your supporting documents with MyRate. Big banks' interest rate is based on advertised standard variable rate. The numbers shown are an estimate only. Other lender and/or government fees and charges may apply.
Was the information on this page helpful?  
how much can i borrow
home loan enquiry
Ask us a quick question  
Compare Us  
Lender % p.a CCR % Fees
MyRate 5.42 5.42 $0*
CBA 6.15 6.29 $600
St. George 6.49 6.65 $700
Westpac 6.51 6.64 $600
Compare more lenders
MyRate Update
Friday 17th May 2013

In line with the recent RBA rate cut, we are pleased to advise that our funder has reduced the rate on all variable rate loans by 0.25% effective the 17th of May 2013.

Our website is already reflecting these changes.

Did you know that MyRate can offer a 97% LVR on purchases including capitalised LMI? Enquire now to find out more.

Awards & Accreditations
Postcodes of MyRate funded loans
MyRate is a Kiva supporter